Wall Street ended the bear market that began in January of 2022, as the “Standard & Poor’s 500” index rose on Thursday, completing its upward march by about 20 percent since its last decline on October 12, 2022.
The index closed at 4,293.93 points, on Thursday, supported by the gains made by major technology stocks, crossing the boundary between the bearish and bullish markets, and it is certain that investors are in a buying mood, as the fear and greed index – of CNN – which measures the extent of investors’ willingness to take risks. It peaked on Thursday.
Surprisingly, the markets have been resilient over the past nine months, as 2022 losers such as tech and media have rebounded in hopes that the worst is over.
Stocks also rebounded over the past week, likely due to the end of the US debt ceiling crisis and optimism that the Federal Reserve will pause interest rate hikes at its June meeting.
However, analysts fear that this rally will be short-lived. “We are very late in the economic cycle, which is starting to slow down,” Samir Samana, senior global markets analyst at Wells Fargo Investment Institute, told CNN. year».
Samana explained that there have been dramatic events that stocks have gone through since the last bull market, such as the war in Europe and the banking and debt crisis, and he believes that the markets are now in uncharted territory.
This will be the first economic recession to coincide with the boom on Wall Street, adding that “there is no desperation” in this market.
(Nicole Goodkind – CNN)
2023-06-09 00:00:27
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